Accra-based radio station, XFM, has been acquired by owners of local television network, TV3, enewsgh.com reports.
A deal has been reached paving way for the struggling station to change hands.
This website is able to report that the station’s staff have since been told their services may not be needed and would have to re-apply for a chance to work with the new onwers. A meeting was held last week to inform them of the change of ownership and direction.
Owned by former Kumasi Asante Kotoko CEO, Herbert Mensah, XFM went live in 2009 but failed to maintain a solid on air presence.
Starting off with a star-studded on-air presenter lineup including Kwame Farkye, Jon Germain, and Doctor Duncan among a host of other ‘A-List’ names, the station struggled for the most part of its early urban years.
With a nationwide penetration of a little over 70 per cent, TV3 remains one of the most-watched local channels in Ghana.
The company began transmission on October 1, 1997.
Incorporated under the Companies Code, 1963, (Act 179), as a limited liability company on August 29, 1996, the company received its certificate to commence business on September 19, 1996. A Joint Venture Agreement was entered into by the Government of Ghana, Gama Media Systems, Gama Film Company and Sistem Televisyen Malaysia Berhad that same year.
In March 2005, TV3 became a subsidiary of Media Prima Berhad of Malaysia, when TV3 Malaysia transferred its shareholding in Gama Film Company to it.
Media General Ghana Limited took over its operations in September 2011.
The XFM acquisition is Media General’s latest, publicly known investment.